Naira appreciates to N1,506/$ at official market

By Abubakar Yunusa

The naira appreciated to N1,506.08 per dollar at the official side of the foreign exchange (FX) market on Tuesday.
The current rate represents the strongest performance since March 5, when the price of a dollar was N1,500.8.
At the Nigeria Foreign Exchange Market (NFEM), a platform that oversees official FX trading in Nigeria, the local currency appreciated marginally by 0.05 percent to N1,506.08/$ on Tuesday — from N1,506.84/$ traded on Monday.
The naira, on September 3, had appreciated to N1,521.45 per dollar at the official section of the FX market.
At the parallel section of the market, the value of the naira remained unchanged from Monday at N1,525/$.
On Monday, Wale Edun, minister of finance and coordinating minister of the economy, said the floating of the naira by the President Bola Tinubu administration was yielding positive results.
“And with the removal of fuel subsidies and the liberalisation of the exchange rate, these difficult decisions have also been taken because they were necessary and they’re yielding positive results,” he said.
“In addition, the government’s priorities include debt transparency, growth-enhancing borrowing, domestic revenue mobilisation, as I’ve emphasised, and coordinated debt treatment. And what are the results?”
The minister added that the Nigerian economy is turning the corner.